DEBT SERVICE FUNDS Description The Debt Service s account for accumulation of revenues and the payment of general longterm debt principal and interest. The debt service funds include debt service for voter-approved debt and operating debt, as well as Special Assessment District debt. WASHOE COUNTY STATUTORY DEBT LIMITATION (as reported in the 2010 Debt Management Policy) June 30, 2010 Assessed valuation for Fiscal Year $15,536,567,014 (includes assessed valuation for Reno Redevelopment Agencies 1 and 2, Reno Increment District, and Sparks Redevelopment Agencies 1 and 2 in the total amount of $437,091,352) Statutory Debt Limitation $ 1,553,656,701 Less: Outstanding General Obligation Indebtedness $ 335,080,748 Additional Statutory Debt Capacity $ 1,218,575,953 State statutes limit the aggregate principal amount of the County s general obligation debt to 10% of the County s total reported assessed valuation. Based upon the assessed valuation for Fiscal Year of $15,536,567,014 (includes assessed valuation for Reno Redevelopment Agencies 1 and 2, Reno Increment District, and Sparks Redevelopment Agencies 1 and 2 in the total amount of $437,091,352), the County s debt limit for general obligations is $1,553,656,701. In addition to the county s legal debt limit as a percentage of its total assessed value, the County s ability to issue future property tax supported debt is also constrained by constitutional and statutory limits of total property taxes that may be levied. 244
Schedule of Five Year Debt Service Requirements as of June 30, 2010 Fiscal Year 2011-2012 2012-2013 2013-2014 2014-2015 Current General Obligation Debt Service Supported by Ad Valorem Taxes $7,732,246 $4,942,279 $4,942,464 $4,940,226 $4,942,533 Current & Proposed General Obligation Debt Service Supported by the Consolidated Tax 5,024,603 5,016,873 5,006,008 5,001,428 4,992,325 Medium Term Bonds 12,202,444 1,491,689 566,014 566,051 566,399 Current General Obligation Debt Service Supported by Water and Sewer Revenues 6,071,399 6,069,253 5,301,231 5,301,256 5,305,760 Current - Debt Service on Golf Course Bonds paid from golf course revenues 239,125 240,707 241,650 241,840 241,310 Current-Proposed Superior and Parity Bonds-Sales Tax Pledged Revenue Bonds 2,734,676 2,733,223 2,734,908 2,734,563 2,737,007 Car Rental Fee Revenue Bonds 1,353,058 1,388,870 1,311,595 1,345,862 1,387,793 Facilities and Convention Center Bonds- Room Tax General Obligation Revenue Bonds 6,419,495 7,046,716 9,711,236 9,694,263 9,690,794 TOTALS $41,777,046 $27,437,921 $29,249,092 $29,259,438 $29,297,522 245
Revenue and Expenditure Summaries Debt Service s Beginning Balance $10.5 Misc. & Other Financing $22.8 Debt Service s Revenue Summary FY $41,900,498 Investment Earnings $0.04 Ad Valorem $7.8 Special Assessm't $0.7 Debt Service s Expenditure Summary FY $41,900,498 Ending Balance $10.8 Car Rental Tax Bond $1.4 Sales T ax Revenue Bonds $1.4 Capital lease/ other $2.3 Mediumterm $11.3 SAD Debt Service $0.5 G.O. Debt $14.1 Revenue Summary Debt Service s % Change Revenue Type Ad Valorem: General 8,022,033 7,939,735 7,810,155 7,874,881 7,830,019 19.66% Special Assessments 372,295 602,346 525,782 800,558 717,795 1.49% Intergovernmental: Interlocal Agreement 459,444 4,289,316 - - - 10.62% Miscellaneous: Investment Earnings 60,536 79,753 67,428 43,550 42,400 0.20% Penalties 21,209 35,755 37,255 29,675 28,675 0.09% Other 203,813 100 100 - - 0.00% Other Financing Sources Transfers In 14,060,480 18,583,382 39,822,880 16,414,842 22,742,357 46.01% Beginning Balance 12,255,358 8,858,566 9,003,244 10,236,976 10,539,252 21.93% Total 35,455,168 40,388,953 57,266,844 35,400,482 41,900,498 100.00% Expenditure Summary Debt Service s Expenditure Type % Change G.O. Debt Service 13,860,670 19,370,953 35,969,183 14,135,562 14,119,184 47.96% Medium-term Debt Service 8,310,797 7,596,787 5,528,074 4,710,006 11,274,163 18.81% Capital lease/other 2,353,211 2,358,327 2,353,580 2,353,293 2,346,849 5.84% Sales Tax Revenue Bonds 1,417,272 1,420,987 1,419,438 1,421,670 1,422,412 3.52% Car Rental Tax Bond - - 1,177,014 1,528,319 1,359,058 0.00% SAD Debt Service 654,648 638,655 582,580 712,379 541,298 1.58% Transfers Out - - - - - 0.00% Ending Balance 8,858,568 9,003,244 10,236,976 10,539,252 10,837,534 22.29% Total 35,455,166 40,388,953 57,266,845 35,400,481 41,900,498 100.00% 246
DEBT SERVICE FUND To account for ad valorem taxes and investment earnings thereon, specifically apportioned and appropriated for the retirement of ad valorem supported debt principal and interest, as well as the payment of other debt supported by other legal resources transferred in from various funds. Fiscal Summary Revenue Ad valorem 8,022,033 7,939,735 7,810,155 7,874,881 7,830,019 (44,862) Truckee River Water Quality Settlement Agreement Joint Venture 459,444 4,289,316 - - - - Investment Earnings 19,361 14,622 7,871 - - - Fines and Forfeits - - - - - - Miscellaneous 100 100 100 - - - Other Financing Sources (Uses) 14,052,957 18,560,476 39,822,880 16,414,842 22,742,357 6,327,515 Beginning 11,103,973 7,715,918 7,773,113 8,966,831 9,107,703 140,872 Total 33,657,868 38,520,167 55,414,119 33,256,554 39,680,079 6,423,525 Fiscal Summary Expenditures G.O. Backed Revenue - Principal 6,384,583 11,398,810 17,004,577 7,456,822 7,804,851 348,029 Interest 7,459,858 7,964,718 8,288,943 6,629,169 6,264,762 (364,407) Fees 16,229 7,425 10,675,663 49,571 49,571 - Subtotal 13,860,670 19,370,953 35,969,183 14,135,562 14,119,184 (16,378) Medium Term - Principal 7,165,000 6,567,000 4,714,000 4,099,000 10,950,000 6,851,000 Interest 1,143,493 1,027,923 812,642 609,642 323,231 (286,411) Fees 2,304 1,864 1,432 1,364 932 (432) Subtotal 8,310,797 7,596,787 5,528,074 4,710,006 11,274,163 6,564,157 Capital Lease & Other - Principal 1,876,745 1,977,774 2,068,864 2,170,022 2,271,250 101,228 Interest 474,466 378,553 282,716 181,271 73,599 (107,672) Fees 2,000 2,000 2,000 2,000 2,000 - Subtotal 2,353,211 2,358,327 2,353,580 2,353,293 2,346,849 (6,444) Sales Tax Revenue Bonds - Principal 476,000 500,000 520,000 545,000 570,000 25,000 Interest 940,772 920,487 898,938 876,170 851,912 (24,258) Fees 500 500 500 500 500 - Subtotal 1,417,272 1,420,987 1,419,438 1,421,670 1,422,412 742 Car Rental Tax Bond - Principal - - - 588,320 455,700 (132,620) Interest - - 1,173,814 933,999 897,358 (36,641) Fees - - 3,200 6,000 6,000 - Subtotal 0 0 1,177,014 1,528,319 1,359,058 (169,261) Ending Balance 7,715,918 7,773,113 8,966,831 9,107,703 9,158,413 50,710 Total 33,657,868 38,520,167 55,414,120 33,256,553 39,680,079 6,423,526 247
DEBT SERVICE FUND SPECIAL ASSESSMENT DISTRICTS Account for assessments, penalties and interest and other resources to retire debt issued for completed improvements benefiting properties against which the special assessments are levied: District 21 - Cold Springs: Sewer treatment plant District 25 - Calle de la Plata: Road project District 26 - Matterhorn Drive: Road project District 27 - Osage/Placerville: Road project District 29 - Mount Rose: Sewer Line project District 30 - Antelope Valley: Road project District 31 Spearhead/Running Bear: Road project District 35 - Rhodes: Street Grading, Paving District 36 - Evergreen Hills Drive: Road Extension District 37 Spanish Springs Sewer Phase 1a Description The debt service fund for special assessment districts was established to account for the actual assessments levied and bonds or other debt incurred in the construction of a special assessment district project. Assessments are levied on specific parcels of land based on criteria approved for the particular assessment districted, related to the value of improvement of the parcel. Assessments collected in a particular assessment district can only be applied to the benefit of that district during the life of the indebtedness. Fiscal Summary Revenue Special Assessments 372,295 425,208 363,665 623,208 542,445 (80,763) Interest 166,733 177,138 162,117 177,350 175,350 (2,000) Investment Earnings 61,967 65,131 59,557 43,550 42,400 (1,150) Penalties 21,209 35,755 37,255 29,675 28,675 (1,000) Other 23,709 - - - - - Transfers In - 22,906 - - - - Beginning Bal 1,151,385 1,142,648 1,230,131 1,270,145 1,431,549 161,404 Total 1,797,298 1,868,786 1,852,725 2,143,928 2,220,419 76,491 Fiscal Summary Expenditures Principal 460,650 445,987 405,410 485,375 333,868 (151,507) Interest 133,448 146,455 129,319 173,224 160,175 (13,049) Assessment Refunds 20,960 2,930 - - - - Fees 4,523 43,283 47,851 53,780 47,255 (6,525) Services and Supplies 35,067 - - - - - Transfers - - - - - - Ending Bal 1,142,650 1,230,131 1,270,145 1,431,549 1,679,121 247,572 Total 1,797,298 1,868,786 1,852,725 2,143,928 2,220,419 76,491 248